Superconductor Tech completes $10.9M financing

Superconductor Technologies Inc. raised $10.9 million with its previously announced public offering of common stock and warrants.

The Austin-based company issued 5.7 million shares of common stock and 954,001 shares subject to pre-funded warrants with an exercise price of 1 cent each, officials said Friday.

In addition, STI issued 6.6 million five-year warrants and 3.3 million two-year warrants with a $2.57 exercise price.

STI (Nasdaq: SCON), founded in 1987, develops high temperature superconducting materials and other technologies. It employs about 80 workers.

In 2011, the company disclosed plans to relocate its corporate headquarters from Santa Barbara, Calif., to a 94,000-square-foot Austin facility previously occupied by Applied Materials Inc. (Nasdaq: AMAT).